Audius is a decentralized music streaming platform where artists can host their music for free and earn revenue. The platform uses the AUDIO token to compensate artists and provide voting rights in the governance protocol. By utilizing Blockchain technology, Audius creates a global content node network to decentralize and make music files resistant to censorship. In this article, you can find answers to two frequently asked questions: What is Audius (AUDIO) and how to buy Audius (AUDIO) with TRY.
Audius (AUDIO) Definition:
Audius is a decentralized music streaming platform designed to empower both fans and creators. Unlike traditional music platforms, Audius allows artists to host their music for free and start earning revenue without the need for record label deals or intermediaries. It provides a platform for both established and emerging artists to upload their music, access streaming metrics, and build a follower base with less financial barriers compared to other services.
The native cryptocurrency of Audius, known as AUDIO, is essential for the platform’s operations. AUDIO is an ERC-20 token, but there is also a version packaged on other Blockchain networks like Solana. This token is used to compensate artists for their creative work published on the platform. Additionally, AUDIO token holders can run nodes, participate in fee sharing on the network, and stake their tokens to increase the visibility of their content. Artists can also use AUDIO to unlock unique badges and gain voting rights in Audius’s governance protocol.
Audius stands out from centralized streaming platforms like Spotify and Tidal by using a global content node network instead of a central server. These content nodes use Blockchain technology to store copies of music files on multiple computers worldwide. Files are indexed on AudSP, a decentralized file system based on the InterPlanetary File System (IPFS). Artists have the option to run their own content nodes for more control over music distribution or allow Audius to distribute it over the network.
The decentralized nature of Audius makes it more resistant and flexible against censorship. Nodes not only host content but also make it discoverable. Discovery nodes simplify the process of finding new tracks for listeners by indexing metadata for all Audius content. Node operators earn AUDIO tokens from the protocol’s annual 7% token issuance and register their nodes with an active stake in the protocol’s collective fee pool.
Artists on Audius can earn AUDIO tokens in various ways. Tracks featured in the Top 5 Weekly Trending Tracks or Top 5 Weekly Trending Playlists earn artists tokens. Additionally, musicians can earn tokens by verifying their X or Instagram accounts and uploading their first content pieces to Audius. This encourages artists to actively engage with the platform.
AUDIO token holders, including listeners, artists, and node operators, participate in the Audius governance protocol. This decentralized autonomous organization (DAO)-like system follows the core logic of Web3 and allows users to have a say in the platform’s future development. Governance proposals can address new feature integrations, copyright structures, reward allocations, and more, enabling the community to collectively guide the evolution of the platform.
Initially built on the Ethereum Blockchain, Audius has moved its content management system to Solana. This transition was necessary to efficiently manage the platform’s rapidly growing user base. By leveraging Solana’s scalability, Audius aims to maintain its decentralized structure while providing a better user experience for its users.
Audius leverages blockchain technology to offer a decentralized, artist-friendly alternative to traditional music streaming services, positioning itself as a pioneering platform in the music industry. Its innovative approach allows artists to retain control over their music, earn fair compensation, and interact directly with their listeners.
How to Buy Audius (AUDIO) with TRY:
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Audius (AUDIO). With Binance TR, you can quickly create an account and buy/sell over 100 cryptocurrencies, including AUDIO. Follow the steps below to buy Audius (AUDIO) with TRY on Binance TR.
How to Open an Account on Binance TR:
Opening an account on Binance TR is quite easy. Go to trbinance.com and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.
Once you have entered all the required information accurately, the information will be confirmed and verified through email/SMS verification. After completing this process, you will proceed to the second step, which is identity verification (KYC).
How to Verify an Account on Binance TR:
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is necessary to protect both the user and the cryptocurrency exchange. You can choose to verify your identity either from your phone or through the official website of Binance TR.
Detailed steps for identity verification can be found on the Binance TR website. Once you have completed all the steps accurately and correctly, your identity verification process will be completed within a short period of time.
How to Deposit TL on Binance TR:
You can easily deposit TL into your Binance TR account through all banks. You can deposit funds 24/7 from Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, Türkiye Finans accounts and trade seamlessly. For other banks, you can deposit up to 50,000 TL 24/7 via FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit funds into your Binance TR account, go to the “Wallet” option in the top left corner of the homepage on trbinance.com and click on the “Deposit” option from the drop-down menu. Choose your preferred bank, and continue with the deposit process.
How to Buy AUDIO Coin with TL on Binance TR:
After making a deposit, you can proceed to buy AUDIO coin with TL by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website. Then, search for “AUDIO” in the search bar on the right side of the page, click on AUDIO/TRY, and proceed to the page for buying AUDIO with TL.
On the AUDIO buying and selling page, enter the price at which you want to buy AUDIO and the quantity you wish to purchase in the red box marked. After entering the amount, click on the “Buy AUDIO” button to complete your purchase.
What is Binance TR:
Binance, the world’s largest cryptocurrency exchange in terms of trading volume, officially launched Binance TR, a platform dedicated to Turkish cryptocurrency investors, in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed through trbinance.com.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
